SoftCom Wraps First Round of Financing

New York -- SoftCom Inc. reported that it has rounded up a
group of private and institutional investors for its Java-based streaming technology,
which provides Internet video with chat capability, e-commerce and other interactive
functions.

The investors that have agreed to pony up include PS
Capital Ventures LLP and John Rollwagen, former chairman and CEO of Cray Research Inc.

The company also announced five appointments to its board
of directors, including chairman Mark Lieberman, president of About.com Ventures; Gerry
Byrne, group vice president and publisher of Variety; and Jay Chiat, founder of
legendary ad agency Chiat/Day Inc. They join SoftCom founders CEO Chris O'Brien and chief
technology officer Kevin O'Brien.

Finally, SoftCom hired Douglas Warshaw as senior vice
president, content programming. Warshaw had previously worked at such places as ABC and
ESPN.